NCV vs. NCZ
NCV (Virtus Convertible and Income Fund) and NCZ (Virtus Convertible and Income Fund II) are both Convertible Bonds funds from Virtus. Over the past 10 years, NCV returned 6.96%/yr vs 8.08%/yr for NCZ. Their 0.79 correlation means they have sometimes moved together and sometimes differently. NCV charges 0.03%/yr vs 0.03%/yr for NCZ.
Performance
NCV vs. NCZ - Performance Comparison
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Returns By Period
In the year-to-date period, NCV achieves a 17.13% return, which is significantly lower than NCZ's 18.68% return. Over the past 10 years, NCV has underperformed NCZ with an annualized return of 6.96%, while NCZ has yielded a comparatively higher 8.08% annualized return.
NCV
- 1D
- -0.30%
- 1M
- -2.87%
- 6M
- 10.02%
- YTD
- 17.13%
- 1Y
- 30.67%
- 3Y*
- 18.74%
- 5Y*
- 4.63%
- 10Y*
- 6.96%
- ALL TIME*
- 6.47%
NCZ
- 1D
- 1.31%
- 1M
- -0.78%
- 6M
- 12.08%
- YTD
- 18.68%
- 1Y
- 31.06%
- 3Y*
- 20.00%
- 5Y*
- 5.43%
- 10Y*
- 8.08%
- ALL TIME*
- 6.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.13M | $1.62M | $1.40M | |
| $719.42K | $1.21M | $1.17M |
NCV vs. NCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCV Virtus Convertible and Income Fund | 17.13% | 22.57% | 16.18% | 12.66% | -34.02% | 10.68% | 11.64% | 24.12% | -17.25% | 23.24% |
NCZ Virtus Convertible and Income Fund II | 18.68% | 23.23% | 18.40% | 17.75% | -35.93% | 9.24% | 11.04% | 27.19% | -18.66% | 24.89% |
Correlation
The correlation between NCV and NCZ is 0.86, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.80 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2003 | 0.79 |
The correlation between NCV and NCZ has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.
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Return for Risk
NCV vs. NCZ — Risk / Return Rank
NCV
NCZ
NCV vs. NCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Convertible and Income Fund (NCV) and Virtus Convertible and Income Fund II (NCZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NCV | NCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.29 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.51 | +0.08 |
| Martin ratioReturn relative to average drawdown | 9.70 | 10.42 | -0.72 |
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Drawdowns
NCV vs. NCZ - Drawdown Comparison
The maximum NCV drawdown since its inception was -78.94%, roughly equal to the maximum NCZ drawdown of -79.48%. Use the drawdown chart below to compare losses from any high point for NCV and NCZ.
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Drawdown Indicators
| NCV | NCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.94% | -79.48% | +0.54% |
Max Drawdown (1Y)Largest decline over 1 year | -11.38% | -11.94% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -17.80% | -19.54% | +1.74% |
Max Drawdown (5Y)Largest decline over 5 years | -44.60% | -43.93% | -0.67% |
Max Drawdown (10Y)Largest decline over 10 years | -56.18% | -56.08% | -0.10% |
Current DrawdownCurrent decline from peak | -4.03% | -2.15% | -1.88% |
Average DrawdownAverage peak-to-trough decline | -13.81% | -14.26% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 2.87% | +0.17% |
Volatility
NCV vs. NCZ - Volatility Comparison
The current volatility for Virtus Convertible and Income Fund (NCV) is 5.96%, while Virtus Convertible and Income Fund II (NCZ) has a volatility of 6.34%. This indicates that NCV experiences smaller price fluctuations and is considered to be less risky than NCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCV | NCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.96% | 6.34% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 13.62% | 14.21% | -0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.05% | 17.45% | -1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.65% | 21.47% | -0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.86% | 24.32% | +0.54% |
NCV vs. NCZ - Expense Ratio Comparison
NCV has a 0.03% expense ratio, which is higher than NCZ's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
NCV vs. NCZ - Dividend Comparison
NCV's dividend yield for the trailing twelve months is around 9.74%, more than NCZ's 9.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NCV Virtus Convertible and Income Fund | 9.74% | 10.77% | 11.76% | 12.86% | 15.00% | 8.75% | 9.41% | 11.61% | 15.03% | 11.10% | 12.23% | 17.69% |
NCZ Virtus Convertible and Income Fund II | 9.31% | 10.45% | 11.50% | 12.84% | 15.62% | 8.82% | 9.28% | 11.28% | 15.33% | 13.80% | 12.08% | 18.02% |
Frequently Asked Questions
NCV and NCZ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCZ has higher volatility (6.34%) compared to NCV (5.96%). In terms of maximum drawdown, NCV dropped -78.94% vs NCZ's -79.48%.
NCV currently has the higher Sharpe Ratio (1.84 vs 1.72), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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